Kraken lists 'JAILSTOOL' memecoin adopted by Barstool's Dave Portnoy, boosting $200 million token
Quick Take
- Cyrpto exchange Kraken has listed a memecoin adopted and promoted by Barstool founder Dave Portnoy.
- The token’s rise to a peak market capitalization over $250 million has seemingly converted an initially memecoin-skeptical Portnoy.
- “It’s so stupid it may be foolproof,” Portnoy said.
Barstool Sports founder David Portnoy, who angered memecoin traders over the weekend by posting about his trades to his 3.5 million X followers, has adopted a coin calling for his own imprisonment and boosted it to a peak market capitalization of over $250 million — and a major marketplace listing.
Kraken has listed Stool Prisondente (a play on Portnoy's social handle, @stoolpresidente), ticker $JAILSTOOL, after the memecoin skyrocketed in value over the last 24 hours.
Portnoy originally promoted the token after sparking a backlash among crypto traders by sharing his trades on two memecoins on Friday. "I turned like 10 grand total into like 75 grand...I don't even know what I'm doing with my life," Portnoy said. "Do you go to jail for this? Can I not do this?"
The initally-skeptical Portnoy has seemingly been converted as the memecoin skyrocketed to a peak market capitalization of over $267 million, according to Gecko Terminal, before sliding to its current market cap of about $150 million.
"It's so stupid it may be foolproof," Portnoy said in a video posted to X Sunday. Portnoy also released Jailstool-themed merch and promised more announcements during the Super Bowl. Portnoy's wallet currently holds around $4.5 million worth of the token.
Portnoy previously live-streamed himself day trading cryptocurrencies in 2020. "The thing I like about pump and dumps in crypto is it's encouraged," he said at the time. "I don't do that in the stock market because those little SEC guys...but in crypto, you can pump and dump all day long, so I'm not going to tell you what I'm going to do until I do it."
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
